doing business in myanmar – what you need to know as a singaporean
Myawaddy- As US dollar price increases, Thai’s Baht had also increased. As a consequence, fuels imported from Thailand were costing higher compare to last month which in turn affected the tourism industry in Myawaddy.
Motor vehicles in Myawaddy-Hpa An, Myawaddy-Mawlamyaing and vehicles in entire Myanmar faced difficulties due to soaring fuel prices.
“Even though fuel prices are now higher, we couldn’t raise our fare for vehicles. We need to find more passengers. In the past, if we got only 2 or 3 passengers, it might be okay for the day but now, the daily standard is 4 or 5 passengers. As commodity prices climb higher, I’ve been seeing my passengers count to be less than last month. Increase in fuel price affected the tourism industry,” said an owner of a small vehicle in Myawaddy-Mawlamyaing road.
Businesses that buys fuel from Thailand with Thai currency and traded in Myawaddy for Myanamr currency are facing hardships as the Baht’s worth scale higher, according to Pe Thein, chairman of Fuel Shops in Myawaddy.
“As Thai money rates have increased, there is now a huge gap when buying fuel or diesel 95 from Thailand. Because travelers have to rely on transportation system which uses fuel or diesel, increase in fuel prices affect tourism industry,” said Pe Thein, chairman of Fuel Shops in Myawaddy.
In September 20, Thai currency exchange rate Baht 2000 is equal to Ks.100, 000. As a result, when buying a fuel boxer of Liter 47,000, Myanmar currency Ks.200, 000 have to add more than the previous amount.
Source: Eleven Myanmar
To see the original article click link here
